On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows: Cash- 50,000 Other assets- 250,000 Liabilities- 60,000 Geri, Capital- 80,000 Elma, Capital- 90,000 Philip, Capital- 70,000 The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000. What is the amount of the expected liquidation expenses?
On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows: Cash- 50,000 Other assets- 250,000 Liabilities- 60,000 Geri, Capital- 80,000 Elma, Capital- 90,000 Philip, Capital- 70,000 The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000. What is the amount of the expected liquidation expenses?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to liquidate their
Cash- 50,000
Other assets- 250,000
Liabilities- 60,000
Geri, Capital- 80,000
Elma, Capital- 90,000
Philip, Capital- 70,000
The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000.
What is the amount of the expected liquidation expenses?
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